Declared Dividend • Jun 04
Dividend of NT$5.16 announced Shareholders will receive a dividend of NT$5.16. Ex-date: 26th June 2026 Payment date: 17th July 2026 Dividend yield will be 5.4%, which is higher than the industry average of 4.3%. Sustainability & Growth Dividend is not adequately covered by earnings (98% earnings payout ratio) nor is it covered by cash flows (269% cash payout ratio). The dividend has increased by an average of 8.8% per year over the past 5 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 8.6% to bring the payout ratio under control. EPS is expected to grow by 33% over the next year, which is sufficient to bring the dividend into a sustainable range. Valuation Update With 7 Day Price Move • Jun 03
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$96.90, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 14x in the Luxury industry in Taiwan. Total returns to shareholders of 60% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$101 per share. Reported Earnings • May 18
First quarter 2026 earnings: EPS misses analyst expectations First quarter 2026 results: EPS: NT$1.20 (down from NT$2.71 in 1Q 2025). Revenue: NT$5.36b (down 11% from 1Q 2025). Net income: NT$240.6m (down 55% from 1Q 2025). Profit margin: 4.5% (down from 8.9% in 1Q 2025). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.7%. Revenue is forecast to grow 9.6% p.a. on average during the next 2 years, compared to a 7.1% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 7% per year. Valuation Update With 7 Day Price Move • May 11
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$92.10, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 13x in the Luxury industry in Taiwan. Total returns to shareholders of 61% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$102 per share. Major Estimate Revision • Apr 24
Consensus EPS estimates fall by 28% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from NT$21.7b to NT$20.6b. EPS estimate also fell from NT$8.34 per share to NT$6.00 per share. Net income forecast to shrink 11% next year vs 15% growth forecast for Luxury industry in Taiwan . Consensus price target down from NT$130 to NT$120. Share price fell 8.5% to NT$78.10 over the past week. Price Target Changed • Apr 24
Price target decreased by 7.9% to NT$120 Down from NT$130, the current price target is an average from 4 analysts. New target price is 53% above last closing price of NT$78.10. Stock is down 30% over the past year. The company is forecast to post earnings per share of NT$6.00 for next year compared to NT$6.78 last year. Reported Earnings • Mar 25
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: NT$6.77 (down from NT$8.15 in FY 2024). Revenue: NT$20.4b (up 11% from FY 2024). Net income: NT$1.35b (down 15% from FY 2024). Profit margin: 6.6% (down from 8.7% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 4.7%. Revenue is forecast to grow 8.0% p.a. on average during the next 2 years, compared to a 6.2% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 9% per year. Tillkännagivande • Mar 11
Sports Gear Co., Ltd., Annual General Meeting, May 29, 2026 Sports Gear Co., Ltd., Annual General Meeting, May 29, 2026, at 09:30 Taipei Standard Time. Location: no,300, ch`eng kung w. rd., wurih district, taichung city Taiwan Buy Or Sell Opportunity • Dec 17
Now 20% undervalued Over the last 90 days, the stock has risen 7.7% to NT$112. The fair value is estimated to be NT$140, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.8% over the last 3 years. Earnings per share has grown by 4.1%. Revenue is forecast to grow by 13% in 2 years. Earnings are forecast to grow by 29% in the next 2 years. Reported Earnings • Nov 17
Third quarter 2025 earnings: EPS misses analyst expectations Third quarter 2025 results: EPS: NT$0.86 (down from NT$1.76 in 3Q 2024). Revenue: NT$4.14b (down 3.4% from 3Q 2024). Net income: NT$173.9m (down 50% from 3Q 2024). Profit margin: 4.2% (down from 8.0% in 3Q 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.1%. Revenue is forecast to grow 5.6% p.a. on average during the next 2 years, compared to a 6.5% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 12% per year, which means it is tracking significantly ahead of earnings growth. Major Estimate Revision • Oct 24
Consensus EPS estimates fall by 14% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from NT$20.9b to NT$20.3b. EPS estimate also fell from NT$8.38 per share to NT$7.21 per share. Net income forecast to shrink 3.8% next year vs 1.5% decline forecast for Luxury industry in Taiwan. Consensus price target broadly unchanged at NT$132. Share price fell 2.1% to NT$117 over the past week. Valuation Update With 7 Day Price Move • Oct 08
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$123, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 16x in the Luxury industry in Taiwan. Total returns to shareholders of 101% over the past three years. Reported Earnings • Aug 22
Second quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2025 results: EPS: NT$1.76 (down from NT$2.29 in 2Q 2024). Revenue: NT$5.27b (up 6.8% from 2Q 2024). Net income: NT$351.2m (down 22% from 2Q 2024). Profit margin: 6.7% (down from 9.1% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 37%. Earnings per share (EPS) missed analyst estimates by 1.7%. Revenue is forecast to grow 7.7% p.a. on average during the next 2 years, compared to a 4.2% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 8% per year and the company’s share price has also increased by 8% per year. New Risk • Jul 11
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 8.3% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (8.3% average weekly change). High level of non-cash earnings (24% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Buy Or Sell Opportunity • Jul 09
Now 23% undervalued Over the last 90 days, the stock has risen 4.0% to NT$105. The fair value is estimated to be NT$135, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.1% over the last 3 years. Earnings per share has grown by 9.0%. Revenue is forecast to grow by 11% in a year. Earnings are forecast to grow by 2.2% in the next year. Buy Or Sell Opportunity • Jun 20
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 18% to NT$106. The fair value is estimated to be NT$132, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.1% over the last 3 years. Earnings per share has grown by 9.0%. Revenue is forecast to grow by 11% in a year. Earnings are forecast to grow by 2.2% in the next year. Upcoming Dividend • Jun 16
Upcoming dividend of NT$6.18 per share Eligible shareholders must have bought the stock before 23 June 2025. Payment date: 14 July 2025. Payout ratio is a comfortable 68% but the company is not cash flow positive. Trailing yield: 5.4%. Within top quartile of Taiwanese dividend payers (5.2%). Higher than average of industry peers (4.6%). Price Target Changed • May 29
Price target decreased by 10% to NT$162 Down from NT$180, the current price target is an average from 3 analysts. New target price is 37% above last closing price of NT$118. Stock is up 25% over the past year. The company is forecast to post earnings per share of NT$8.91 for next year compared to NT$8.15 last year. Declared Dividend • May 28
Dividend increased to NT$6.18 Dividend of NT$6.18 is 63% higher than last year. Ex-date: 23rd June 2025 Payment date: 14th July 2025 Dividend yield will be 5.5%, which is higher than the industry average of 4.3%. Sustainability & Growth Dividend is covered by earnings (68% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 16% per year over the past 4 years. However, payments have been volatile during that time. Earnings per share has grown by 12% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. New Risk • May 14
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 10% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (10% average weekly change). High level of non-cash earnings (23% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. New Risk • May 08
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 23% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (23% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (10.0% average weekly change). Valuation Update With 7 Day Price Move • Apr 29
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$117, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 13x in the Luxury industry in Taiwan. Total returns to shareholders of 89% over the past three years. Tillkännagivande • Apr 29
Sports Gear Co., Ltd. to Report Q1, 2025 Results on May 06, 2025 Sports Gear Co., Ltd. announced that they will report Q1, 2025 results on May 06, 2025 Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to NT$102, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 13x in the Luxury industry in Taiwan. Total returns to shareholders of 72% over the past three years. Valuation Update With 7 Day Price Move • Mar 13
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$125, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 12x in the Luxury industry in Taiwan. Total returns to shareholders of 108% over the past three years. Reported Earnings • Mar 07
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: NT$8.15 (up from NT$2.78 in FY 2023). Revenue: NT$18.4b (up 30% from FY 2023). Net income: NT$1.60b (up 193% from FY 2023). Profit margin: 8.7% (up from 3.8% in FY 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.8%. Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 28% per year, which means it is tracking significantly ahead of earnings growth. Tillkännagivande • Mar 06
Sports Gear Co., Ltd., Annual General Meeting, May 23, 2025 Sports Gear Co., Ltd., Annual General Meeting, May 23, 2025. Location: no,300, ch`eng kung w. rd., wurih district, taichung city Taiwan Tillkännagivande • Feb 26
Sports Gear Co., Ltd. to Report Q4, 2024 Results on Mar 05, 2025 Sports Gear Co., Ltd. announced that they will report Q4, 2024 results on Mar 05, 2025 Valuation Update With 7 Day Price Move • Feb 19
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$160, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 15x in the Luxury industry in Taiwan. Total returns to shareholders of 167% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$145 per share. New Risk • Jan 29
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 7.8% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (7.8% average weekly change). Minor Risk Dividend is not well covered by cash flows (dividend per share is over 6x cash flows per share). Buy Or Sell Opportunity • Dec 11
Now 21% undervalued Over the last 90 days, the stock has risen 48% to NT$135. The fair value is estimated to be NT$170, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.6% over the last 3 years. Earnings per share has grown by 4.9%. Revenue is forecast to grow by 20% in a year. Earnings are forecast to grow by 45% in the next year. Reported Earnings • Nov 15
Third quarter 2024 earnings released: EPS: NT$1.76 (vs NT$0.42 in 3Q 2023) Third quarter 2024 results: EPS: NT$1.76 (up from NT$0.42 in 3Q 2023). Revenue: NT$4.29b (up 45% from 3Q 2023). Net income: NT$344.4m (up 320% from 3Q 2023). Profit margin: 8.0% (up from 2.8% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 17% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Luxury industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 26% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Nov 04
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to NT$144, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 15x in the Luxury industry in Taiwan. Total returns to shareholders of 128% over the past three years. Price Target Changed • Oct 29
Price target increased by 17% to NT$125 Up from NT$106, the current price target is an average from 2 analysts. New target price is 9.2% above last closing price of NT$114. Stock is up 73% over the past year. The company is forecast to post earnings per share of NT$8.22 for next year compared to NT$2.78 last year. Valuation Update With 7 Day Price Move • Sep 24
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$108, the stock trades at a trailing P/E ratio of 20.4x. Average forward P/E is 15x in the Luxury industry in Taiwan. Total returns to shareholders of 79% over the past three years. Buy Or Sell Opportunity • Sep 06
Now 21% overvalued Over the last 90 days, the stock has fallen 8.6% to NT$88.40. The fair value is estimated to be NT$72.90, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.6% over the last 3 years. Earnings per share has grown by 4.7%. Reported Earnings • Aug 18
Second quarter 2024 earnings: EPS misses analyst expectations Second quarter 2024 results: EPS: NT$2.29 (up from NT$1.28 in 2Q 2023). Revenue: NT$4.94b (up 28% from 2Q 2023). Net income: NT$448.7m (up 79% from 2Q 2023). Profit margin: 9.1% (up from 6.5% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 11%. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 12% per year, which means it is tracking significantly ahead of earnings growth. Tillkännagivande • Aug 08
Sports Gear Co., Ltd. to Report Q2, 2024 Results on Aug 15, 2024 Sports Gear Co., Ltd. announced that they will report Q2, 2024 results on Aug 15, 2024 Buy Or Sell Opportunity • Aug 06
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 2.7% to NT$87.40. The fair value is estimated to be NT$112, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.2% over the last 3 years. Earnings per share has grown by 9.2%. Valuation Update With 7 Day Price Move • Aug 01
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$104, the stock trades at a trailing P/E ratio of 24.3x. Average forward P/E is 17x in the Luxury industry in Taiwan. Total returns to shareholders of 78% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$112 per share. Upcoming Dividend • Jun 20
Upcoming dividend of NT$3.80 per share Eligible shareholders must have bought the stock before 27 June 2024. Payment date: 19 July 2024. Payout ratio is on the higher end at 89%, and the cash payout ratio is above 100%. Trailing yield: 4.2%. Within top quartile of Taiwanese dividend payers (4.2%). Higher than average of industry peers (3.1%). Tillkännagivande • May 30
Sports Gear Co., Ltd. Announces Cash Dividend for 2023, Payable on July 19, 2024 Sports Gear Co., Ltd. announced Cash dividend of TWD 744,973,345 or TWD 3.8 per share for 2023. Ex-rights (ex-dividend) trading date: June 27, 2024. Ex-rights (ex-dividend) record date: July 4, 2024. Payment date of common stock cash dividend distribution: July 19, 2024. Declared Dividend • May 29
Dividend of NT$3.80 announced Shareholders will receive a dividend of NT$3.80. Ex-date: 27th June 2024 Payment date: 19th July 2024 Dividend yield will be 3.9%, which is lower than the industry average of 4.3%. Sustainability & Growth Dividend is covered by earnings (89% earnings payout ratio) but not covered by cash flows (196% cash payout ratio). The dividend has increased by an average of 4.0% per year over the past 3 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 1.3% to shift the payout ratio to a potentially unsustainable range, which is less than the 12% EPS decline seen over the last 5 years. Reported Earnings • May 07
First quarter 2024 earnings: Revenues and EPS in line with analyst expectations First quarter 2024 results: EPS: NT$1.73 (up from NT$0.23 in 1Q 2023). Revenue: NT$4.01b (up 19% from 1Q 2023). Net income: NT$339.6m (up NT$293.9m from 1Q 2023). Profit margin: 8.5% (up from 1.4% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 8% per year. Major Estimate Revision • May 02
Consensus EPS estimates increase by 45% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from NT$15.7b to NT$16.7b. EPS estimate increased from NT$3.97 to NT$5.76 per share. Net income forecast to grow 107% next year vs 24% growth forecast for Luxury industry in Taiwan. Consensus price target up from NT$82.50 to NT$95.50. Share price was steady at NT$86.90 over the past week. Tillkännagivande • Apr 26
Sports Gear Co., Ltd. to Report Q1, 2024 Results on May 02, 2024 Sports Gear Co., Ltd. announced that they will report Q1, 2024 results on May 02, 2024 Reported Earnings • Mar 07
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: NT$2.78 (down from NT$9.22 in FY 2022). Revenue: NT$14.2b (down 23% from FY 2022). Net income: NT$545.0m (down 70% from FY 2022). Profit margin: 3.8% (down from 9.8% in FY 2022). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 5.9%. Tillkännagivande • Mar 06
Sports Gear Co., Ltd., Annual General Meeting, May 24, 2024 Sports Gear Co., Ltd., Annual General Meeting, May 24, 2024. Location: Nan Shan Education & Training Center (ETC)No. 300, Chenggong W. Rd., Wuri Dist Taichung City Taiwan Agenda: To consider Acknowledgment of the 2023 Earnings Distribution; to consider Audit Committee review of the 2023 annual final accounting books and statements; to consider Report on 2023 employees and directors remuneration; and to consider other matters. Reported Earnings • Nov 10
Third quarter 2023 earnings: EPS and revenues miss analyst expectations Third quarter 2023 results: EPS: NT$0.42 (down from NT$3.36 in 3Q 2022). Revenue: NT$2.95b (down 44% from 3Q 2022). Net income: NT$82.0m (down 88% from 3Q 2022). Profit margin: 2.8% (down from 13% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 16%. Earnings per share (EPS) also missed analyst estimates by 46%. Revenue is forecast to grow 9.1% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Luxury industry in Taiwan. New Risk • Sep 07
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 8.5% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 8.5% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Aug 20
Second quarter 2023 earnings released: EPS: NT$1.28 (vs NT$2.31 in 2Q 2022) Second quarter 2023 results: EPS: NT$1.28 (down from NT$2.31 in 2Q 2022). Revenue: NT$3.86b (down 19% from 2Q 2022). Net income: NT$250.0m (down 45% from 2Q 2022). Profit margin: 6.5% (down from 9.5% in 2Q 2022). The decrease in margin was driven by lower revenue. Price Target Changed • Jul 31
Price target increased by 11% to NT$108 Up from NT$97.33, the current price target is an average from 2 analysts. New target price is 69% above last closing price of NT$64.00. Stock is down 9.1% over the past year. The company is forecast to post earnings per share of NT$9.02 for next year compared to NT$9.22 last year. Upcoming Dividend • Jun 21
Upcoming dividend of NT$5.00 per share at 7.0% yield Eligible shareholders must have bought the stock before 28 June 2023. Payment date: 19 July 2023. Payout ratio is a comfortable 65% and this is well supported by cash flows. Trailing yield: 7.0%. Within top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (4.5%). Tillkännagivande • May 31
Sports Gear Co., Ltd. Approves Cash Dividend, Payable on June 28, 2023 Sports Gear Co., Ltd. approved Cash dividend: TWD 980,228,085 (5/per share). Ex-rights (ex-dividend) trading date is June 28, 2023. Ex-rights (ex-dividend) record date is June 28, 2023. Payment date of cash dividend distribution is June 28, 2023. Reported Earnings • May 10
First quarter 2023 earnings: EPS and revenues miss analyst expectations First quarter 2023 results: EPS: NT$0.23 (down from NT$1.78 in 1Q 2022). Revenue: NT$3.37b (down 11% from 1Q 2022). Net income: NT$45.6m (down 87% from 1Q 2022). Profit margin: 1.4% (down from 9.3% in 1Q 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 3.7%. Earnings per share (EPS) also missed analyst estimates by 81%. Reported Earnings • Mar 11
Full year 2022 earnings: Revenues miss analyst expectations Full year 2022 results: Revenue: NT$18.5b (up 50% from FY 2021). Net income: NT$1.81b (up 179% from FY 2021). Profit margin: 9.8% (up from 5.2% in FY 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 2.5%. Price Target Changed • Dec 28
Price target decreased to NT$89.67 Down from NT$99.00, the current price target is an average from 3 analysts. New target price is 23% above last closing price of NT$72.90. Stock is up 9.3% over the past year. The company is forecast to post earnings per share of NT$9.62 for next year compared to NT$3.42 last year. Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 6 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Tzung-Chen Chen was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 12
Third quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2022 results: EPS: NT$3.36 (up from NT$0.77 loss in 3Q 2021). Revenue: NT$5.22b (up 200% from 3Q 2021). Net income: NT$658.5m (up NT$809.8m from 3Q 2021). Profit margin: 13% (up from net loss in 3Q 2021). The move to profitability was driven by higher revenue. Revenue missed analyst estimates by 2.5%. Earnings per share (EPS) exceeded analyst estimates by 25%. Revenue is forecast to grow 4.0% p.a. on average during the next 2 years, compared to a 7.0% growth forecast for the Luxury industry in Taiwan. Buying Opportunity • Oct 11
Now 21% undervalued Over the last 90 days, the stock is up 5.8%. The fair value is estimated to be NT$92.35, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue is forecast to grow by 38% in a year. Earnings is forecast to grow by 107% in the next year. Tillkännagivande • Oct 02
Sports Gear Co., Ltd. Announces Dividend Sports Gear Co., Ltd. announced the distribution of surplus. Type and monetary amount of dividend distribution: Cash Dividends USD 20,000,000. Buying Opportunity • Sep 23
Now 21% undervalued Over the last 90 days, the stock is up 14%. The fair value is estimated to be NT$106, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue is forecast to grow by 38% in a year. Earnings is forecast to grow by 107% in the next year. Major Estimate Revision • Sep 09
Consensus EPS estimates increase by 19% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from NT$17.0b to NT$18.1b. EPS estimate increased from NT$7.12 to NT$8.44 per share. Net income forecast to grow 107% next year vs 23% growth forecast for Luxury industry in Taiwan. Consensus price target of NT$97.33 unchanged from last update. Share price rose 9.9% to NT$93.10 over the past week. Buying Opportunity • Sep 06
Now 20% undervalued Over the last 90 days, the stock is up 9.6%. The fair value is estimated to be NT$105, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue is forecast to grow by 32% in a year. Earnings is forecast to grow by 81% in the next year. Reported Earnings • Aug 29
Second quarter 2022 earnings: EPS and revenues exceed analyst expectations Second quarter 2022 results: EPS: NT$2.31 (up from NT$1.89 in 2Q 2021). Revenue: NT$4.76b (up 19% from 2Q 2021). Net income: NT$452.9m (up 25% from 2Q 2021). Profit margin: 9.5% (in line with 2Q 2021). Revenue exceeded analyst estimates by 2.1%. Earnings per share (EPS) also surpassed analyst estimates by 11%. Over the next year, revenue is forecast to grow 32%, compared to a 15% growth forecast for the Luxury industry in Taiwan. Price Target Changed • Jul 19
Price target decreased to NT$92.00 Down from NT$99.00, the current price target is an average from 2 analysts. New target price is 28% above last closing price of NT$71.80. Stock is down 3.9% over the past year. The company is forecast to post earnings per share of NT$7.12 for next year compared to NT$3.42 last year. Upcoming Dividend • Jun 16
Upcoming dividend of NT$3.50 per share Eligible shareholders must have bought the stock before 23 June 2022. Payment date: 18 July 2022. Payout ratio is on the higher end at 97%, and the cash payout ratio is above 100%. Trailing yield: 4.6%. Lower than top quartile of Taiwanese dividend payers (6.0%). Higher than average of industry peers (3.6%). Tillkännagivande • Jun 09
Sports Gear Co., Ltd. Declares Cash Dividend for the Year 2021, Payable on July 18, 2022 Sports Gear Co., Ltd. declared Cash dividend: TWD 196,045,617(TWD 1/per share), Cash distribution from capital surplus: TWD 490,114,043 (TWD 2.5/per share). Total amount of cash dividend is TWD 686,159,660. Ex-rights (ex-dividend) trading date: June 23, 2022. Ex-rights (ex-dividend) record date: June 29, 2022. The expected date for cash dividend payment is July 18, 2022. Tillkännagivande • May 20
Sports Gear Co., Ltd. Announces Distribution for the Year 2021 Sports Gear Co., Ltd. announced distribution of USD 20,000,000 for the year 2021. Reported Earnings • May 16
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: NT$1.78 (up from NT$1.67 in 1Q 2021). Revenue: NT$3.77b (up 1.7% from 1Q 2021). Net income: NT$349.6m (up 20% from 1Q 2021). Profit margin: 9.3% (up from 7.9% in 1Q 2021). Revenue exceeded analyst estimates by 2.3%. Earnings per share (EPS) also surpassed analyst estimates by 30%. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Tzung-Chen Chen was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 16
Full year 2021 earnings: EPS exceeds analyst expectations Full year 2021 results: EPS: NT$3.42 (up from NT$2.35 in FY 2020). Revenue: NT$12.3b (down 8.7% from FY 2020). Net income: NT$647.3m (up 58% from FY 2020). Profit margin: 5.2% (up from 3.0% in FY 2020). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 11%. Over the next year, revenue is forecast to grow 37%, compared to a 15% growth forecast for the industry in Taiwan. Tillkännagivande • Jan 20
Sports Gear Co., Ltd. (TWSE:6768) acquired 30.51771% stake in All Wells International Co.,Ltd for $70 million. Sports Gear Co., Ltd. (TWSE:6768) acquired 30.51771% stake in All Wells International Co.,Ltd for $70 million on January 18, 2022. The consideration consists of 18,666,666 shares for $3.75 per unit of All Wells International. The Board of directors of Sports Gear Co., Ltd. have approved the acquisition.
Sports Gear Co., Ltd. (TWSE:6768) completed the acquisition of 30.51771% stake in All Wells International Co.,Ltd for $70 million on January 18, 2022. Reported Earnings • Nov 15
Third quarter 2021 earnings released: NT$0.77 loss per share (vs NT$1.02 loss in 3Q 2020) The company reported a mediocre third quarter result with weaker revenues, although its control over expenses remained stable and losses reduced. Third quarter 2021 results: Revenue: NT$1.74b (down 14% from 3Q 2020). Net loss: NT$151.2m (loss narrowed 14% from 3Q 2020). Reported Earnings • Aug 27
Second quarter 2021 earnings released: EPS NT$1.89 (vs NT$1.27 in 2Q 2020) The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2021 results: Revenue: NT$4.01b (down 4.2% from 2Q 2020). Net income: NT$361.6m (up 63% from 2Q 2020). Profit margin: 9.0% (up from 5.3% in 2Q 2020). The increase in margin was driven by lower expenses. Valuation Update With 7 Day Price Move • May 28
Investor sentiment improved over the past week After last week's 16% share price gain to NT$74.40, the stock trades at a trailing P/E ratio of 22.3x. Average trailing P/E is 22x in the Luxury industry in Taiwan.